A notable observation from the report is a slight decline in transaction numbers, down 3% to 23,900 transactions. Yet, stability remains a hallmark of Cyprus’s market amidst global challenges.
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Nicosia stands out with a 4% increase in transaction volume, while Limassol retains supremacy in transaction value, contributing to 44% of the market share.
The market’s backbone continues to be residential properties, accumulating €3.8 billion or 67% of the market’s value, a sector further emphasized in Cyprus Business Clubs Guide.
Commercial real estate is also on the rise, notably in Limassol and Nicosia, counterbalancing declines elsewhere.
Still, the demand from international buyers sees a 10% dip, though areas like Nicosia, Famagusta, and Larnaca show growth in foreign interest.
The luxury segment with properties over €1.5 million contributes €500 million, showing that exclusivity still finds a place with 188 high-end property transactions.
Meanwhile, a 2% reduction in building permits juxtaposed with a rise in project value suggests a pivot towards quality enhancements.
As Philippos Soseilos, CEO of PwC Cyprus, states, “Strategic reform under the Vision 2035 framework is pivotal for navigating future advancements.”
